Best 2-year GIC rates in Canada
WealthONE Bank of Canada leads at 3.95%, 1.45 points above the lowest posted rate here.
What is the best 2-year GIC rate in Canada?
WealthONE Bank of Canada pays the most at 3.95% for 2 years, and the lowest 2-year rate here is 2.50% from Scotiabank. All 15 issuers we track are below, ranked by rate.
| # | Institution | Rate | vs. leader |
|---|---|---|---|
| 01 | WealthONE Bank of CanadaCDIC · $1,000 min | 3.95% | Leads |
| 02 | Oaken FinancialCDIC · $1,000 min | 3.90% | −0.05 pts |
| 03 | MCAN WealthCDIC · $100 min | 3.90% | −0.05 pts |
| 04 | Achieva FinancialDGCM · $1,000 min | 3.75% | −0.20 pts |
| 05 | EQ BankCDIC | 3.65% | −0.30 pts |
| 06 | TangerineCDIC | 3.65% | −0.30 pts |
| 07 | Meridian Credit UnionFSRA · $100 min | 3.50% | −0.45 pts |
| 08 | Beem Credit UnionCUDIC · $500 min | 3.30% | −0.65 pts |
| 09 | National Bank of CanadaCDIC · $500 min | 3.25% | −0.70 pts |
| 10 | Simplii FinancialCDIC · $100 min | 3.00% | −0.95 pts |
| 11 | TD BankCDIC | 2.80% | −1.15 pts |
| 12 | BMOCDIC · $1,000 min | 2.75% | −1.20 pts |
| 13 | RBC Royal BankCDIC | 2.55% | −1.40 pts |
| 14 | CIBCCDIC · $1,000 min | 2.55% | −1.40 pts |
| 15 | ScotiabankCDIC | 2.50% | −1.45 pts |
Should I lock my money up for 2 years?
Only if you can leave it alone until 2028: a non-redeemable 2-year GIC cannot be cashed early at any of the 15 issuers above, whatever rates do in the meantime.
Is a ladder better than locking in for 2 years?
No, not on today's posted rates: a one- to two-year ladder returns an annualised 3.83% against 3.95% for a single 2-year.
Splitting $50,000 across one- to two-year terms gives you access to half of it every year instead of none of it before 2028. Both run to year 2, with earlier rungs reinvested at today's posted rates.
Build a GIC ladderPut 3.95% through the calculator
Change the amount to see the maturity value and the effective annual rate once compounding applies.
Common questions about 2-year GICs
Are these 2-year GICs covered by deposit insurance?
Yes, every issuer on this page belongs to a deposit-protection scheme. 12 are covered by CDIC: $100,000 per depositor, per member institution, per insured category. 1 is covered by DGCM: all deposits guaranteed without limit. 1 is covered by FSRA: eligible deposits in registered accounts are covered without limit; non-registered deposits are covered to $250,000. 1 is covered by CUDIC: all deposits guaranteed without limit. Coverage limits move on a scale of years rather than months, so confirm the current figure with the regulator before you rely on one.
What is the minimum deposit for a 2-year GIC?
$100 at MCAN Wealth and Meridian Credit Union and Simplii Financial is the lowest on this page, and $1,000 the highest. 5 of the 15 issuers here post no minimum at all on their own rates pages.
How much does $50,000 pay over 2 years at 3.95%?
$54,028 at maturity, of which $4,028 is interest. That is WealthONE Bank of Canada's posted rate, compounded annually and paid at the end of the term.
Can I cash a 2-year GIC early?
No. Every rate on this page is a non-redeemable GIC, locked until it matures in 2028. Cashable and redeemable GICs are different products, posted at their own rates, and are not what this table shows.
Is GIC interest taxed before the GIC matures?
Outside a registered account, yes. Interest accrues to you each year and is taxable in that year even though a 2-year GIC pays all of it at the end. Inside a TFSA it is not taxed at all, which is usually worth more than the gap between the top rates here.
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